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A global oil oversupply since last summer, led by stubbornly strong U.S. shale crude output and record production by Middle East producers, has driven prices down from June 2014 highs above $100 a barrel.

The global Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and expected non-Opec supply growth to decline next year, with US producers hardest hit. “Our latest balances show that while the overhang will...

The EIA now forecasts the Brent crude price to average $59.42 a barrel in 2016, down $7.62 a barrel from the June estimate.

The Australian sharemarket has opened flat, shrugging off recent falls on global share markets on the back of China’s surprise devaluation of its currency.

It bought two cargoes of Basrah Light crude oil from Iraq over the last two months to half fill the Visakhapatnam underground cavern that can hold as much as 9.75 million barrels of oil, Indian Strategic Petroleum Reserves chief executive officer Rajan K. Pillai said in an...

“Devaluation of the yuan means a stronger U.S. dollar and that’s likely to weigh on commodity prices“, Michael McCarthy, a chief strategist at CMC Markets in Sydney, said by phone.

“The oil market is intrinsically sensitive to economic and geopolitical developments around the world“. The move is seen as an attempt by the producer cartel´s kingpin Saudi Arabia to defend its market share as it fends off competition from US shale oil.

A man fills up his auto at a petrol station in Rome January 6, 2015.

Another supply challenge to watch is shale drilling in the U.S. Despite the plunge in oil prices, drillers have been stubborn about cutting production.

President Abdel Fattah al-Sisi kicked off a lavish ceremony yesterday to unveil a “new” Suez Canal, as Egypt sought to boost its economy and global standing by expanding the vital waterway. It also includes a deepening and widening of 37 km of the existing canal,...

Egyptian President Abdel-Fattah el-Sissi has officially inaugurated the New Suez Canal, a highly-publicized project meant for boosting his nationalist image and shoring up the country’s battered economy.

Federal data published Wednesday show total U.S. crude oil production increased by 52,000 barrels to 9.5 million barrels per day.

“Under the current Saudi oil policy, it is still more likely…that any sustained price recovery will come through another OPEC country breaking down than from North American crude oil production collapsing”, Olivier Jakob, an oil analyst at Petromatrix, said in a...

The construction of the new lane began a year ago, on the orders of Egypt’s President Abdel Fattah al-Sisi.

“Petroleum products will arrive faster”, proclaimed Suez Canal Authority head Admiral Mohab Mohamed Hussein Mameesh.